As the discussions around interest rates continue into the new year we are monitoring the ultra bonds closely. Technical significance developed over the holiday doldrums as anomalous orders printed heavy offers through the 213 handle. Nearly 1,000 contracts printed on the this singular level alone. This gives way to a potential incoming move that defines a new value area. We have sat sideways as we approach contextual fundamental shifts (ie Yellen as TSEC, and Biden as Pres)